Bitcoin plunges below $27,000 after Binance gets sued by CFTC

Quick Take

  • Bitcoin fell sharply on Monday on news that Binance was being sued by the CFTC.
  • Other crypto prices including Binance’s BNB also fell, along with publicly-traded crypto companies.

Bitcoin tumbled Monday on the news that Binance and its Chief Executive Officer Changpeng Zhao were being sued by the U.S. Commodity Futures Trading Commission.

The cryptocurrency has been on a two-week tear spurred by a banking crisis in the U.S., but it fell sharply after the CFTC’s lawsuit became public, at one point hitting $26,750 before rebounding to $27,350.

BTC/USD chart by TradingView.

Notably, Binance's BNB also plunged to $314.9 from around $327.


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Most crypto prices generally were trending down on Monday. Ethereum was down 2.8% over the last 24 hours, while Solana slid 4.9% and Litecoin fell 4.1%. Ripple's XRP has been outperforming other cryptocurrencies but also saw a dip after the news about Binance.

Companies in the crypto space saw shares fall throughout the morning. Coinbase is down around 9.6%, and MicroStrategy — which just announced that it bought $150 million in bitcoin in the past few weeks — fell 8.3%.

Most publicly traded miners were also down, including CleanSpark (-8.7%), Riot (-6.5%) and Hut 8 (-6.6%). 

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About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).


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